Posted By:
Tom Boblitt.....
It's only when you have 'odious' situations that some of these larger auction houses--most commonly high-end art auctioneers--have engaged in over the years that it causes one to wonder.
I agree with Jay....always legal or always illegal. Unfortunately, if illegal, there are always ways to get around it.
I've not gone to Sotheby's but I have attended all 3 Hunts live auctions in Louisville and a couple in PA and think they were all handled properly.
Most of the time, they opened a lot at a certain amount, leading me to believe it was a 'floor' the consignor set or it was the fair bid of all the bidders who might have max bids in at the time. Some of the lots sold at that initial bid and some went higher based on the crowd or the phones.
I do remember a few auctions that they had lots that did not sell, prompting me to believe the 'floor' bids by the consignor were above what the market was willing to bear.